China's EV export boom 🚗 + Scrappers making $85k a day recycling computers ♻️

SHIPPING NEWS

China's EV Export Boom Sparks Global Fleet Expansion

The surge in electric vehicle (EV) exports from China has led to a significant increase in the demand for new car-carrying ships, as Chinese automakers and shipping companies place record orders to support this booming industry. According to Veson Nautical, a shipping consultancy, China, currently holding the world's eighth-largest fleet of car-carrying ships with 33 vessels, is set to become the fourth-largest by 2028, with orders for 47 new ships already placed. This expansion, which represents a quarter of all such orders globally, involves major Chinese firms like SAIC Motor, Chery Automobile, BYD, and shippers like COSCO and China Merchants.

The bulk of these new ship orders, accounting for 82% globally, have gone to Chinese shipyards, highlighting a preference for domestic production. This move is partly driven by the global auto industry's pivot towards the Chinese market, where cost efficiency and a robust supply chain have attracted foreign manufacturers like Tesla and Volkswagen to ramp up production for export. The sharp rise in shipping costs, alongside local government incentives, has encouraged automakers to invest in their fleets, with the daily charter rate for a vehicle carrier skyrocketing to more than seven times its 2019 average by the end of 2023.

However, this export growth has not been without controversy, as the U.S. and EU have criticized China for potentially flooding their markets with low-priced products, raising concerns over excess industrial capacity. Yet, China defends its focus on innovation and the minimal role of state support in its economic growth. Despite these tensions, certain market segments, such as car cargo ships, still offer growth opportunities, underscoring the complex dynamics of international trade and industry expansion. See more

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VIDEO OF THE WEEK

How Scrappers Cash In On Gold From Your Old Computer

One ton of circuit boards contains about 100 times more gold than a ton of ore mined from the ground. Now, scrappers like Wade Cawley in Sydney, Australia, are cashing in. He’s partnered with Mint Innovation, a company that uses microbes to recover precious metals from electronics. In a single day, Mint can salvage up to $85,000 of gold in their new recycling facility.

GLOBAL TRADE SNIPPETS

Imports from China to the US are rising at the fastest rate since last fall. The latest CPI inflation data showed a larger than expected rise led by services, but on the goods side of the economy, trade data is also showing a recent increase.

Britain suspends import duties on over 100 items. Britain on Thursday suspended import duties on more than 100 items, including car parts and fruit juice, until June 2026, responding to industry demand as ministers seek to help domestic firms keep a lid on costs.

China will remain the world’s No. 1 growth driver, says the Asian Development Bank. ADB forecasts China to post annual GDP growth of 4.8% in 2024, lower than the country’s target of “around 5%” for the year. China currently accounts for 18% and 48% of global and Asian GDP, respectively.

Farmers warn ‘crisis is building’ as record rainfall drastically reduces UK food production. Reduction in yields means UK will be dependent on imports for wheat in coming year and possibly beyond.

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